The Payment Systems Regulator (PSR) is developing their compliance monitoring framework and wants your input

The PSR established it's Supervision and Compliance Monitoring Division in 2023 and consists of three different teams:

• Supervision: the team responsible for actively supervising the UK.’s regulated Payment Systems driven by a new supervisory approach.
• Compliance monitoring: the team responsible for assessing adherence to regulatory standards and intervening where non-compliance is found. They partner with enforcement to address and rectify issues.
• Enforcement: the team responsible for taking forward investigations into potential compliance failures and have the power to sanction where compliance failures are identified.

Compliance Monitoring Framework

The PSR's dedicated Compliance Monitoring team are responsible for building good relationships with industry and helping businesses understand their obligations. Their aim is to ensure firms are following their rules and directions to deliver the right benefits to end users of payment systems. 

The PSR wants to engage with industry and welcome input to shape their views. Prior to publishing their compliance monitoring framework later in 2024 they would welcome the opportunity to discuss these plans with you.

In summary, they are proposing a 3 stage approach to monitoring including assessment, intervention and, where necessary, partnering with the enforcement team. This approach is planned to be supported by principles around proportionality, engagement and action.

The PSR hopes to bring together key industry participants to explore how their new compliance monitoring framework can bring the best benefit to everyone that relies on their payment systems and would welcome your input.

  Date:
  Wednesday, 25 September 2024

  Timings:
  10:00 - 11:00

  Cost:
  Free to attend - BSA Members only

  Register:
  Complete the online form to secure your place.
         (Registration closes at 09:45am on Wednesday 25 September)

  Contact:
  Please direct any enquiries to: events@bsa.org.uk